After a nearly three-decade run, Hilcorp Energy Corp. founder Jeffrey Hildebrand has relinquished his role as CEO but will continue to serve as executive chairman.

The Texas billionaire will “continue to be heavily involved with the company,” spokesman Justin Furnace said in an email. The move was announced internally in November.

Greg Lalicker, an attorney, petroleum engineer and Hilcorp executive since 2006, assumed the CEO role, Furnace said.

“The organizational change comes as the company, a longtime producer in Alaska, Texas and Louisiana, continues to see substantial growth in other legacy assets across the United States,” he said.

Furnace said that Jason Rebrook has also been named company president. Rebrook oversees Hilcorp’s A&D, land departments and the midstream assets of Hilcorp’s Harvest Pipeline Co.

Hilcorp, founded in 1989, is one of the largest privately-held U.S. E&Ps with operations in the Gulf Coast of Texas and Louisiana, the Northeast U.S., Wyoming, New Mexico and Alaska's Cook Inlet and North Slope. The company’s most recent major acquisition was the July purchase of 1.3 million net acres in the San Juan Basin. Hilcorp bought the assets from ConocoPhillips (NYSE: COP) for up to $3 billion.

The company employs more than 1,825 people, according to its website.

Hilcorp’s internal announcement came the same month that Hildebrand made a $25 million gift to the University of Texas At Austin’s department of petroleum and geosystems engineering. The university said it would rename the department for Hildebrand in November. Hildebrand and his wife have made similar gifts, including a $10 million pledge to the Houston Parks Board in 2015.

Hildebrand earned a Master of Science in petroleum engineering and his undergraduate degrees at UT-Austin. Since 2013, Hildebrand has served on The University of Texas System Board of Regents following his appointment to a six-year term by former Gov. Rick Perry.

Darren Barbee can be reached at dbarbee@hartenergy.com.

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